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Crypto crash – over $200Bn snatched from market in a day

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More than $200 billion has been erased from the entire crypto market in a day

Bitcoin fell below $26,000 for the first time in 16 months.

All Crypto-currency markets are being rocked, but the concern is for Terra

The popular token lost 99 per cent of its value, dragging down a so-called “stablecoin” with it.

The Terra Luna token fell from a high of over 100 dollars last month, to 9 cents on Thursday.

The collapse had a knock-on effect on a linked token, which is normally stable.

Investors are shaking in their boots, with many pulling out of major crypto-currencies, sending markets plummeting.

Crypto

Robinhood launches second crypto wallet

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A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second

Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.

It means users won’t depend on Robinhood if the system fails.

But there are some risks of losing the funds altogether, especially if they lose their private key.

The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.

Crypto has quickly become part of Robinhood’s business strategy.

The company recently said Bitcoin was the number one recurring asset its users have been buying this year.

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MiamiCoin lost 88 per cent of its value in less than a year

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MiamiCoin crypto lost 88 percent of its value in less than a year

The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin

Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.

Miami-Coin value on May 16. Image: OkCoin exchange

The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.

When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.

“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.

Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.

In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.

He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.

Amanda Gunn contributed to this post. 

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When Crypto could come under a major tax crunch

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Cryptocurrencies may soon be subject to taxation requirements in Portugal following recent comments made in the nation’s parliament

The Portuguese Minister of Finance says the move would be in line with many other countries who already have such regulations in place.

Portugal was previously considered a tax haven for crypto investors, with the nation boasting an effective capital gains rate of zero.

Experts are now convinced the government will move forward with the taxation changes, and believe the new policy will include a capital gains tax.

It remains unclear how the practices of staking or yield farming will be affected.

It follows the Australian government warning investors need to report capital gains and losses on crypto each year.

The UK and the U.S. have also recently introduced similar tax requirements for digital currencies.

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